Thomson Financial reported the spokesman as saying that the South Stream project is complimentary and not a threat to the Nabucco pipeline. Russia and Bulgaria have signed a deal to begin the construction of the South Stream pipeline.
Russian gas monopoly Gazprom and Italian energy giant Eni are building the South Stream gas pipeline that will transport gas from Russia through the Black Sea into Bulgaria. The pipeline will then branch out with a stem going towards Austria and the other one going to Italy through Greece.
The Nabucco pipeline is part of the European Union plan to bring gas from the Caspian basin in Central Asia to Europe bypassing Russia altogether. The strategic aim of the Nabucco pipeline is to reduce European dependence on Russian gas, according to Thomson Financial.
